Heena Sharma Blog

The new business premiums of life insurance companies declined 32 per cent in the month of March, owing to the disruption caused by the spread of coronavirus (Covid-19) and the subsequent lockdown enforced by the government to contain its spread. For the month of March, the new business premiums of life insurance companies stood at Rs 25,409 crore compared to Rs 37,459 core in March 2019. The private life insurers, 23 in total, saw their new business premiums decline by 34.21 per cent in March 2020 at Rs 8,342 crore compared to Rs 12,682 crore in the same period of the last financial year. Similarly, state-owned life insurance behemoth – Life Insurance Corporation (LIC) – saw its premiums decline by 31.11 per cent in the reporting month. In March 2020, it collected new business premiums to the tune of Rs 17,066 crore compared to Rs 24,776 crore in March 2019. Read More

The Okhla vegetable market in Delhi witnessed fewer customers on Friday morning even as people prepare to observe the holy month of Ramzan, which is likely to begin from April 25. Akram, a vegetable seller at the market, blamed the lockdown for decline in business. "The business has been affected adversely, vegetables are rotting. Customers are afraid of stepping out of their houses, they are reluctant to even come and if they do step out, the administration asks them to go back," said Akram. While the sellers expressed concerns over low revenues, the customers were seen stocking on supplies. Read More

Serum Institute’s recombinant BCG vaccine would be the first vaccine candidate in India to start human trials within the next two weeks. This is to test if the vaccine, administered at birth to Indians to fight tuberculosis, can also boost immunity in adults against the novel coronavirus. If all goes well, the vaccine, which has a proven safety track record, can be in the market by the end of this year. Serum Institute can make 300-400 million doses of this vaccine. The Bacillus Calmette-Gurein (BCG) vaccine named after French microbiologists Albert Calmette and Camille Guérin, is given to infants in India upon birth. Globally, the practice is to administer it to children below one year of age. Read More

Cash-strapped Pakistan has received an emergency loan of $1.39 billion from the International Monetary Fund (IMF) to boost its foreign exchange reserves in the wake of the coronavirus crisis . The $1.39 billion loan is in addition to the $6 billion bailout package that Pakistan had signed with the IMF in July last year to stave off a balance of payment crisis. "SBP (State Bank of Pakistan) has received $1.39 billion under the Rapid Financing Instrument (RFI) from the IMF," the central bank said in a tweet on Wednesday. Pakistan in March had requested the global moneylender for a low-cost, fast-disbursing loan under its Rapid Financing Instrument (RFI) to deal with the adverse economic impact of the pandemic. The RFI is used to provide financial assistance to IMF member countries facing an urgent balance of payments need without requiring them to put a full-fledged programme in place. Read More

Oxford University will start human testing with a Covid-19 vaccine they developed from Thursday, the UK government said in a coronavirus press conference. The Oxford team – led by Professor Sarah Gilbert, is testing ChAdOx1 nCoV-19, a candidate based on a chimpanzee adenovirus modified to include the spike or ‘S’ protein on the surface of SARS-CoV-2, the virus that causes Covid-19. The government funded the vaccine project with 20 million pounds to Oxford University and another 22 million pounds to a second vaccine project at Imperial College, London, Health Secretary Matt Hancock said on Wednesday, adding the project will help support phase 2 trials and help prepare for a larger phase 3 study. Read More

Maharashtra Health Minister Rajesh Tope on Wednesday asked people not to panic over Centre's health team projections about a surge of Covid-19 cases in Mumbai, stating that the number of hot spots in the state had reduced to five from 14. He also said that the rate of doubling of cases in the state had improved to 7.01 days from 3.1 days earlier this month. "There is no need to panic over the central government's team projections that Mumbai might have 42,604 cases by April 30 and 6.50 lakh patients by May 15," Tope said in an online address to people. Read More

Kerala Chief Minister Pinarayi Vijayan on Wednesday announced that all elected representatives in the state will take a 30 per cent cut in their monthly salary and honorarium for one year to help it tide over the Covid-19 -induced financial crisis. During a customary news briefing, Vijayan said that the government will deduct the salary of state employees -- ministers, Members of the Legislative Assembly (MLAs), members of different boards under the government and members of local self-government bodies for six days every month for the next five months. Those earning Rs 20,000 per month would be exempted from the scheme. Read More